Polygram has officially acquired additional shares in both of its Japanese record subsidiaries, Nippon Phonogram and Polydor KK, for $ 24.5 million.
The transactions give Polygram sole ownership of Nippon Phonogram, in which the group has acquired the remaining 35% stake, and an 89.6% shareholding in Polydor KK, in which Polygram formerly held a 74.6% stake.
The remainder of Polydor KK is held by a number of small investors.
Both acquisitions are effective from Oct. 1, 1992, but were just concluded yesterday. Polygram has gradually increased its share in the two units during the past few years and will now consolidate both into a new wholly owned group, Polygram KK. Nippon Phonogram and Polydor KK will be absorbed into the company as two separate creative and marketing units, with the finance and administration being done centrally by Polygram KK.
Polygram’s net sales in Japan and South East Asia totalled $ 591 million for 1991, accounting for 17% of the group’s total net sales.